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Division of Investment Management:
|Assets Under Management||Initial|
|Annual Updating Amendment Fee|
|$100 million or more||$225||$225|
|$25 million to $100 million||$150||$150|
|Less than $25 million||$40||$40|
Exempt reporting advisers filing reports with the SEC. The Commission has approved initial report and annual IARD filing fees for exempt reporting advisers filing reports with the Commission (see Release No. IA-3305 at http://www.sec.gov/rules/other/2011/ia-3305.pdf). Fees must be credited to your Firm's IARD Daily Account before you can submit your filing. No fee is charged for filing an electronic amendment to Form ADV unless it is an Annual Updating Amendment. No fee is charged for electronically filing a Final Report.
The IARD system was upgraded to accept Form ADV-E on November 8, 2010 and all Form ADV-E’s must be filed electronically through IARD after this date. Form ADV-E filing instructions may be found in the IARD Quick Reference Guides (http://www.iard.com/UserSupport.asp). More information about this topic may be found in the Adviser Custody Rule and Related Form ADV Changes Adopted for SEC Advisers section below.
In July 2010 the SEC adopted amendments to Form ADV, Part 2 and rules 203-1, 204-1, 204-2, and 204-3 under the Investment Advisers Act of 1940. The adopting release for the amended rules can be found at http://www.sec.gov/rules/final/2010/ia-3060.pdf. The adopting release contains the text of the rule, information about the rule and the compliance dates for various parts of the rule. Part 2 is available at http://www.sec.gov/about/forms/formadv-part2.pdf.
The adopted amendments replace Form ADV, Part II with Form ADV, Part 2. The adopted amendments change the format from a check-the-box format to a plain English narrative format, add and revise questions on the form, require electronic filing of the form on IARD, and require brochure supplements for certain supervised persons be provided to clients.
In December 2009 the SEC adopted amendments to rule 206(4)-2, the custody rule under the Investment Advisers Act of 1940. The effective date of the amended rule is March 12, 2010. The adopting release for the amended rule can be found at http://www.sec.gov/rules/final/2009/ia-2968.pdf. The adopting release contains the text of the rule, information about the rule and the compliance dates for various parts of the rule.
The SEC also adopted amendments to Items 7 and 9 of Form ADV, Sections 7 and 9 of Schedule D to Form ADV, and Instructions to Form ADV-E. SEC-registered investment advisers must provide responses to the revised Form ADV in their first annual amendment after January 1, 2011. The IARD system has been upgraded to accept Form ADV-E, accountants performing surprise examinations must file Form ADV-E electronically through the IARD system.
The staff of the Division of Investment Management has prepared responses to questions about the amended custody rule which are available on the SEC’s web site at http://www.sec.gov/divisions/investment/custody_faq_030510.htm in the section entitled “Staff Guidance and Studies.” Additional responses may be added from time to time. These responses are not a rule, regulation, or statement of the Securities and Exchange Commission, and the SEC has neither approved nor disapproved this information.
On October 31, 2005, the IARD system was enhanced to add an email alert and reminder function. With this email function, each SEC-registered investment adviser will receive email reminders of certain filing deadlines as well as email notices of SEC regulatory and compliance information, if the adviser supplies the email address of its chief compliance officer and/or contact employee in its response to Part 1A, Item 1.J. and Item 1.K.
Not a "phishing" scam: The email function sends each active SEC registrant a "Contact Email Verification" email at the contact employee's email address, asking the contact employee to authenticate the email address through the IARD website using an authentication key. Contact Email Verification notices requesting your contact employee to visit a web URL beginning with the prefix https://www.webiard.com/ are valid. If you have any questions or concerns about the authentication process, contact the FINRA Gateway Call Center at 240-386-4848.
Your firm may not receive the benefit of email alerts and reminders unless you (i) supply an accurate email address in Item 1.J. or Item 1.K. and (ii) authenticate the email address through the Contact Email Verification notice sent to that address by the system. If your contact employee name or email address in Item 1.J or Item 1.K. is inaccurate in any way, you have a legal obligation to update that information promptly by amending your Form ADV on the IARD system (see General Instruction 4 to Form ADV). The system will automatically send a new Contact Email Verification email any time you amend your Form ADV to change your chief compliance officer or contact employee email address in Item 1.J. or Item 1.K.
The email system will notify your firm of:
The Commission adopted a new rule 204A-1 requiring SEC-registered investment advisers to adopt and enforce codes of ethics that establish standards of conduct expected of supervised persons and reflect the adviser's fiduciary duties. A code of ethics must require supervised persons to comply with applicable federal securities laws, and certain supervised persons ("access persons") must report their personal securities holdings and transactions, including transactions in mutual funds advised by the adviser or an affiliate. Advisers must, on their Form ADV Part 2 Item 11, describe their code of ethics and state that they will provide a copy of the code to any client or prospective client on request.
The Commission adopted a rule 206(4)-6 requiring SEC-registered investment advisers that exercise voting authority over client securities to adopt policies and procedures reasonably designed to ensure that the adviser votes proxies in the best interests of clients. These advisers are required to inform clients about their policies and procedures, give clients a copy upon request, and disclose to clients how they can obtain information from the adviser about proxy votes cast. Rule 204-2, the books and records rule, also was amended to require that these advisers maintain certain records of their proxy voting activities.
Since September 25, 2001, investors have had Internet access to information contained in Form ADV electronic filings made by investment advisers on www.adviserinfo.sec.gov. This new Investment Adviser Public Disclosure (IAPD) website was launched by the SEC and NASAA to provide clients and prospective clients of advisers with direct access to Form ADV filings made by the then approximately 7,800 SEC-registered advisers and 8,200 state-registered advisers who filed Form ADV through IARD. This electronic database will expand significantly because increasing numbers of state-registered advisers are switching to electronic filing each day.
All information filed by advisers on Form ADV is available on this new website except for social security numbers, certain home addresses, and contact employee information. The new website is available free of charge, 24 hours a day.